tv The Ed Show MSNBC December 9, 2013 2:00pm-3:01pm PST
thank you for watching. i will see you again tomorrow. coming up right now, "the ed show," with ed schultz. good evening, americans, and welcome to "the ed show," live from new york. let's get to work. >> i refuse to give up on my mission to help the 99ers. >> you're going to vote to let the unemployment benefits lapse. >> before you do something stupid, you may want to think about this [ bleep ]. >> you're causing them to become part of this perpetual unemployed group in our economy. >> maybe you should lend a hand, hmmm? >> with the american worker or against them. >> now we have class envy being stoked by the democratic party. >> oh, my gosh. does that suck. >> we have the most unequal
distribution of wealth and income in any major country on earth. >> if you raised the minimum wage too high, you're going to have not more jobs but fewer jobs. >> you sit on a throne of lies. >> but income inequality is ticking up nonstop. >> nobody gives you anything. you earn it. >> we have this big conversation going on in this country right now about income inequality. but none of them have ever experienced it. put some ketchup on that one, will you? good to have you with us tonight, folks. thanks for watching. well, do you remember back in 2000 when bush ran and the conservatives coined this term, compassionate conservatism? wow, was that in a different era. there is no compassion, as far as the republicans are concerned. just listen to what they say, just listen to what they're proposing. and this gentleman leads the way. he's the doctor of denial. he thinks that it's just so easy to come up from the bottom and maneuver through society, and
you just got to pull your boot straps up, whether you've got boots on or not. this holiday season should be a real wake-up call to every american, because it doesn't matter what the season is. the republicans have no problem showing exactly who they are, what they stand for. and how vicious they will be. republicans are on a mission to take and make poor people even more poor two weeks before christmas. they've got ice in their veins. they are against raising the minimum wage. you heard portman there saying oh, it would just create a bunch of jobless americans. really? a billionaire industry is what we're talking about when we talk about fast food? they want to take away your health care. we can only go by the number of votes they have had in the house. republicans have their sights set now on ending long-term unemployment benefits. well, the doctor of denial, who never knew unemployment because he was the son of a congressman, and rob portman who went to the elitist dartmouth, they have had
tough times. they can really speak for the down trodden in this country. first up, senator rob portman, george w. bush's former budget director, recently ate a cheese burger and came up with this bogus conclusion. >> i went to a burger place, and there was a digital display to buy a ham burrer, and there was nobody behind the counter except the cashier. and you go to these fast places now and often there is a drink dispenser. that's the concern. if you raised the minimum wage too high, you're going to have not more jobs but fewer jobs and fewer opportunities, particularly for these young people. >> you know what this is? that's an elitist view, a complete lack of vision. republicans claim raising the minimum wage would kill jobs? but let me underscore, there are no facts to back that up whatsoever. academic study after study shows raising the minimum wage would not kill american jobs. even if the costs of raising the minimum wage were passed along
to the consumers. it still wouldn't be very much. here's what senator elizabeth warren of massachusetts had to say during a senate help committee hearing. >> during my senate campaign, i ate a number 11 at mcdonald's many, many times a week. and i know the price on that one. $7.19. according to the data on the analysis of what would happen if we raised the minimum wage to $10.10 over three years, the price increase on that item would be about 4 cents. so instead of being $7.19, it would be $7.23. well, it sounds like senator warren isn't eating at the same place rob portman is eating at. think about that. an extra four cents on your $7 burger? is that a big deal? according to republicans it will be a job killer. meanwhile, some republicans want to just abolish the minimum wage all the way across the board.
texas congressman, joe barton, mr. oil, recently said this. i think it's outlived its usefulness. it may have been of some value back in the great depression. i would vote to repeal the minimum wage. now, think about this. we have income inequality now at a greater time now than since the depression of back in 1929. since the takes days of the crash. we have stagnant wages as i show quite often on this program. and i should point out, actually, this was pointed out to us from a viewer who pays attention to that vulture chart. says you guys got to update it. that chart only goes to 2009. correct. it's even gotten worse since then. in fact, 9 8% of the income since the great recession started in 2008 has gone to the top 1% of americans. but wait a minute, food stamps is the big damn problem, folks. republicans also have their
sights set on unemployment benefits. roughly 1.3 million people could lose their unemployment benefits on december 28th, if congress doesn't act. so if you look at the minimum wage, you look at food stamps, you look at unemployment benefits. what is it that the republicans have against the down trodden in this country? those folks who are trying to recycle back into the economy? on saturday, president obama called out republicans for targeting americans in need. >> it shouldn't be a partisan issue. for decades, congress has voted to offer relief to job seekers. including when the unemployment rate was lower than it is today. but now that economic lifeline is in jeopardy. all because republicans in this congress, which is on track to be be the most unproddive in history, have so far refused to extend it. >> well, i have to give credit to the republicans here. they have the country responding to and talking about the three things i've just pointed out
when we have had 40, what, 5, 6 months of private sector oh job growth. when we have added 7 million jobs since president obama inherited the great recession. now that we've got unemployment down, according to the bureau of labor statistics, 7%, arguably, still in double digits. and they've got us believing that we're just not doing -- well, actually, we're doing too much for those who are in need. the president is talking about republicans like rand paul, from kentucky, who thinks he should run the world. and also rob portman of ohio, who is the doctor of silver spoons. what would you expect from bush's former budget director? on sunday, rand paul said he would have no problem cutting off unemployed americans. >> when you allow people to be on unemployment insurance for 99 weeks, you're causing them to become part of this perpetual unemployed group in our economy, and it really -- while it seems good, it actually it does a disservice to the people you're trying to help. i don't doubt the president's
motives. but black unemployment in america is double white unemployment. and it hasn't budged under this president. >> well, it's not going to. because you folks haven't passed a jobs package and the democrats have tried to do that. but, of course, you don't believe in investment. the doctor of denial, rand paul. first, we should point out that the nonpartisan congressional budget office says extending unemployment benefits would actually help the economy. another report from the white house shows extending unemployment benefits would save 240,000 jobs. but that's a white house report. we can't believe anything they talk about. next, the cost of extending unemployment insurance, these 1.3 million americans, well, it would be about $25 billion. hmmm. where have i heard that number before? oh, yeah. it does sound familiar. it should. the $25 billion was the amount of money that the republicans
cost the economy by the last government shutdown. folks, it is amazing. they do have the microphone in our country, no question about it, with all these right wing talkers out there. and their dedicated network to deny americans. but in this holiday season, it should be pointed out that they're just as ruthless now as they have ever been. food stamps are the problem, unemployment benefits and people that can't recycle back into the economy, they're the problem. and, of course, we certainly don't want to raise the minimum wage. merry christmas. this is who the republicans are. it doesn't matter if it's december, it doesn't matter if it's june. it doesn't matter the season. they're the same people. get your cell phones out. i want to know what you think. tonight's question. do republicans care more about helping rich people or poor people? i have to admit, that's a tough one. text a. for poor. text b. for -- text a. for rich people. text b. for poor people. 67622. you can always go to our blog at
ed.msnbc.com. we'll bring the results later on in the show. and you can tweet out during this hour. #edshow. if you think this is the new big three that the republicans are talking about. they were talking about medicare, medicaid and social security. but now they've got a new big three that they want to attack in this holiday season. for more, let me bring in senator bernie sanders of vermont. senator, good to have you with us tonight. senator, what do you say to these republicans who claim raising the minimum wage would be a job killer? >> i say they just are factually wrong. in my state of vermont, our minimum wage is $8.60 compared to the national minimum wage of $7.25 and we have one of the lowest unemployment rates in america. you have states where there is it virtually no minimum wage at all, and their unemployment rate is much higher. the facts just don't bear it out. the reality is, if we raise the minimum wage to at least $10.10 an hour, about 30 million americans would get a pay raise,
and 88% of them are adults. these are not kids. these are working families, struggling to keep their heads above water. they need a pay raise. we've got to pass it. >> can mcdonald's afford to pay its employees $15 an hour? it's interesting, senator. since this demonstration took place in 130 cities across america last thursday, none of the fast food folks have come out and said we can't afford this. wendy's would go under, mcdonald's would struggle, it would kill jobs. there is silence on their part. your thoughts. >> ed, here is the real outrage. not only can they afford to pay a decent minimum wage. but here is the point. right now, the taxpayers of this country are subsidizing the mcdonald's people, burger king and walmart. and walmart in particular, you have the wealthiest family in the world, they're worth $100 billion. but the wages and benefits they
provide to their workers are so low that many of these workers go on medicaid, they go on food stamps, they have to get government help for their housing. so the taxpayers of america end up subsidizing walmarts, mcdonald's and burger king. if we raise the minimum wage, the workers actually would have enough living, enough income to get off some of these programs. >> senator, is it going to take a democratically controlled house to get the minimum wanige? the democrats are going to try to do minimum wage this year or in 2014. of course, they probably won't get a vote because of boehner and what not. but it's like they've got a new big three that they're going after. what will it take to move the dime here? >> well, what it will take is the american people standing up very loudly and in a well-organized way to say, we are sorry, and sick and tired about a house of representatives that wants to give more tax breaks to millionaires and
billionaires at the same time as the middle class disappears and we have more people living in poverty than any time in american history. so you asked me, ed, can we pass a minimum wage. if millions of americans -- and by the way, the polls are overwhelming. >> overwhelming. >> in favor of raising the minimum wage. if we make our republican colleagues an offer they can't refuse, and that is they ain't going to stay in congress unless they raise the minimum wage, unless they give us a jobs program. you know, we have youth unemployment today at around 20%. an entire generation not getting out into careers, earning a living. we have got to create millions of jobs, and we have got to pass legislation to protect the long-term unemployed. >> senator, what i'm hearing, the budget deal could not be good. that the republicans are holding the line, you're on the budget conference committee. will you allow unemployment benefits to expire? how heated is this going to be? your thoughts. >> well, i mean, i think you got, as you have indicated, 1.3 million americans who are
really struggling. if they lose those benefits, they're going to be in despair. they're going to be unable to take care of their families. and by the way, the point you made a moment ago, very important. by getting that money out into the economy, it is a stimulant. it creates other types of jobs. so we have got to do everything we can to protect those 1.3 long-term unemployed folks. >> and senator, what is the republican reaction when you bring up to them that the last government shutdown cost this country $25 billion? with the backdrop of unemployment checks being withheld as the conversation? >> ed, they are living a very different world. and that world is to take us back to an oligarchic form of society. many of these guys want to abolish the concept of the minimum wage, have americans working for 3 or 4 bucks an hour. >> sir, are we headed for shutdown? >> i think not.
i suspect there will be some kind of minimal agreement. i think the republicans have learned their lesson, that the shun did not work for them. >> so a small deal kicks the can down the road. and then we'll have to do this quarterly. and the republicans are hoping that they can gerrymander enough to hold the districts, to hold the house, and be right back and get nothing done in 2015 and '16 and hopefully win the white house. this is a major stall game. this is where it's at. >> that's exactly right. and meanwhile, we have no jobs program. we're not dealing with our disastrous trade policies. we're not dealing with income and wealth inequality. >> senator bernie sanders, good to have you with us tonight. thanks so much. >> remember to answer tonight's question at the bottom of your screen. share your thoughts on twitter at ed show and on facebook. we appreciate it when you do that. coming up, fox news has a 1950s flash back. wait until you hear what they think is the role of a woman. plus, fact-checking obama care attacks from the right. they're wrong again, and we've
got them red-handed. and still ahead, the need financial reform is -- the need for financial reform definitely flaring up. some say a 24th century glass/steagall could really help put out the fire. stay with us. we're right back on "the ed show." and to keep our commitments. and we've made a big commitment to america. bp supports nearly 250,000 jobs here. through all of our energy operations, we invest more in the u.s. than any other place in the world. in fact, we've invested over $55 billion here in the last five years - making bp america's largest energy investor. our commitment has never been stronger.
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before starting humira, your doctor should test you for tb. ask your doctor if you live in or have been to a region where certain fungal infections are common. tell your doctor if you have had tb, hepatitis b, are prone to infections, or have symptoms such as fever, fatigue, cough, or sores. you should not start humira if you have any kind of infection. ask your gastroenterologist about humira today. remission is possible. time for the trenders. social media, this is where you can find us. facebook.com/edshow. twitter.com/edshow. and sirius xm, channel 127 monday through friday. and ed.com to find out about the 2014 ed tour, february 8th. then the 21st of february, in seattle. the ed show social media nation has decided and we are reporting. here are today's top trenders, voted on by you. >> marriage is what brings us
together today. >> the number three trender. married with children. >> can women have it all, and more specifically, can we have it all without a husband? >> a fox news guest wants women to turn back time. >> suzanne benker, founder of women for men. she said it's impossible for women to have it all without a husband. >> single, 29 years old, very career oriented. what's your advice? >> as the years go on and you find you want, if you do, to get married and settle down -- >> men and wife. say man and wife! >> time is going to be your greatest enemy. it's okay to let your husband bring home that full-time income so you can have more of a balanced life. >> you know why a woman is married to a man like me? because i make a very comfortable living. >> we should really be thanking men for this. >> the number two trender. battle of the bands. >> you've got your boy band. well, i brought my man band. why don't you beat it, men you'do. >> we're not here to fight.
>> i am. >> boy. that escalated quickly of the. >> the boy band, and the anchor man, form a super group on snl. >> let our poe we ares combine. >> now we are nine direction. ♪ skyrockets in flight ♪ afternoon delight >> that's right. ♪ afternoon dilute . >> and today's top trender, sick 'em. >> family's plan cancelled because it didn't comply with the affordable care act's high standards. >> you're getting used to what's going on, and then all of a sudden having something like this thrown in is definitely challenging. >> right wingers still attacking obama care. >> father and mother are struggling to find a plan. you were happy with your insurance. >> yeah. we were very happy with our insurance, actually. >> they are, as i can see it, big-time bending stories to present to the american people as absolutes. >> and then you got the letter from the insurance company saying you've been cancelled. >> folks with cancer,
preexisting conditions, are finding both their rates much more affordable, and finding their options much more widespread. >> joining me now is eric stern, a contributor for salon.com. eric, you've debunked yet another obama care attack from the right. tell us the story about ellie porter's -- her story and how the conservative media is distorting this one. >> well, look, ellie and her family are struggling. she's got a tumor on her kidney and now had surgery. radiation and chemo. and obviously, it's an enormous expense to give her health care. but i called the guy that you just saw, and talked to him. that's paul porter, her father. he did not get a letter that his insurance is being cancelled. he got a letter from humana, his carrier, saying that his plan is not aca compliant, but in light of the president's relenting on allowing people to keep their plans, he can either keep his
old plan, take a new compliant plan or go to the exchange. so in essence, you know -- and his story has been picked up by the conservative media, and everybody saying his plan was cancelled. and you noticed, if you watch the segment on fox news, he doesn't say it was cancelled. fox is saying it, but he's not. >> he got a letter. and he was given options. that's the story, correct? >> that's correct. he got a letter, and he was given options. and that's not to say -- look, most important, he can keep the insurance that he now has. he can keep it for another year, at least. we'll see what happens with the federal law a year from now in terms of keeping grandfathered plans. the other point i'll make, he has not shopped the exchange yet, or hadn't when i talked to him, about a week ago. he hasn't gone and looked yet. he said he had heard there was some plans on the exchange, but he didn't really know what was there. he has an enormous deductible right now. he has a $10,000 deductible. and so what i found on the exchange, shopping for him, it looked like he can do about what
he's doing now and probably better. >> what did you find? >> i found one that actually would cap his deductible at $2,000. that would be a $600 and change annual premium. but realize, his daughter -- i mean, with her condition right now, they're -- he said to me, look, we're meeting our deductible as an automatic thing right now. and we probably will for the next several years. clearly, he has options. and this is just -- it's just -- you know glenn beck had it on his website, fox has it -- some site called "the daily mail." i don't know what is. something from the u.k. it's just more nonsense. >> they're twisting the facts here. they're twisting the story. bottom line here is, she's not going to get dropped, because she is sick. which is something that could have happened before obama care. the second thing is -- >> that's -- >> go ahead. >> that's exactly right. that's another point to be made. she now cannot be dropped because she is sick.
in the previous world, she could be dropped because she was sick. and so -- >> the fact she has cancer doesn't mean that the preexisting condition is all gone. and, of course, having to find a new insurance provider, while your child is undergoing cancer treatments, is far from ideal. but why are they overlooking the fact that the child won't be denied another provider because of her preexisting condition, and won't have to worry about a lifetime cap on coverage? >> you know, because that's what they do. look, he told me -- i asked him, why did your story end up on these conservative websites and in these conservative periodical? he said he had no idea. he didn't know at the time i talked to him. he said that the family had a facebook page, and a website. and so he thought that it was just sort of discovered and picked up. but -- you know, look. the point is, she's doing okay. this is a case where basically, conservative media is trying to ding the president for something that he was rightfully dinged for way back when.
but he has since made good on. you can keep your current plan, and the letter that this man got said you can keep your current insurance if you want it. or we can give you a new policy that's aca come plinlt. it will cost more but you have more features or go on the he can change. >> bottom line, they're not presenting it professionally. they're not presenting all the facts. they're distorting things in front of the american people. trying to turn public opinion against obama care. that is the bottom line. eric stern, thank you for doing that. thanks for being the journalist. glenn beck, you ought to be ashamed of yourself. coming up, progressives be on the alert. a wall street funded think tank is trying to sabotage the movement from the inside. and still ahead, sean hannity's softer side lands him in tonight's pretenders. but next, i'm taking your questions live. "ask ed live" coming up here on msnbc.
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my favorite segment, "ask ed live." first question from eugene tonight. he says, how do we organize people to let president obama know middle class is against the transpacific partnership? this is the new big trade agreement that everybody is talking about. or at least some people behind closed doors. i think the president does know the american folks are not in favor of this. this is really ominous. what bothers me is the mystery of it all. it hasn't been explained to the american people exactly what this international tribe unional would be like when it comes to trade deals. this is the one thing about president obama that certainly is a mystery to me. he has not explained to the american people how this is going to help jobs. it is quarterbacked by the multinationals and the corporations. and we haven't done any trade deals that are good for jobs. i think the middle class is not for it, and i think now the signature list is 173 have signed on from the congress to
tell the president back off on this one. our next question is from edgar musclenary. who will win the super bowl? i can tell you who is not going to win it. vikings, packers, giants. ooh, that hurts, doesn't it here in new york. i guess i kind of like the way seattle is playing. i know they lost yesterday to the 49ers. but i don't know. they just have a way. i like russell wilson, the quarterback from the university of wisconsin. now running the show for the seattle seahawks. i would say the -- i know it's easy to pick the patriots and the broncos. no, i think it's going to be seattle. stick around. "rapid response panel" coming up. i'm sue herrera with your cnbc market wrap. the s&p 500 hit a new record high today, as all three major indices rose. the dow was up 5 points, the s&p up 3, and the nasdaq gained 6. wall street reacting to hints from federal reserve officials that cuts could be
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welcome back to "the ed show." its a wolf in sheep's clothing trying to sabotage the progressive movement from the inside. the wall street funded d.c. think tank known as third way claims to represent americans in the vital center. but third way is against the liberal populism of democrats like massachusetts senator, liz we get warren and against the wealthy in america, paying their fair share of taxes. they're actively campaigning for
the transpacific trade agreements. and they want to slash the big three. a recent op-ed written by third way's two co founders sounds more like it was written by the wall street republicans. the group called senator warren's fight to expand social security part of a populist political and economic fantasy that ignores an undebatable solvency crisis. really? the group's reasoning leaves plenty to doubt. but you know what, it isn't debatable. the polls show americans want to expand, not cut -- expand social security. in fact, almost 70% of respondents it said they would be less likely to support a candidate no backs social security cuts. this isn't just a progressive issue. this is what the majority of americans want. but third way is just a surrogate for large corporations, bankers and wall street executives. they view these social security safety nets as numbers. in a budget. they're not talking about
average americans who rely on these programs. they're not looking for solutions. they're just looking to cut. there's a saying. if it looks like a duck and quacks like a duck, well, it must be a duck. well, if a group that is funded by wall street talks like a republican and acts like a republican, guess what? it isn't progressive. joining me now, our rapid response panel, john fugelsang and ruth conniff of "the progressive" magazine. ruth, how dangerous is this group to the progressive movement? look, there are some things this outfit would vote with the left on. the center is very, very important. but the things they wrote about elizabeth warren were very, very interesting, to say the least. where does this all cut? >>el with, look, i mean, i think in some ways, they're less dangerous now than they were during the clinton administration when we heard a lot from the dlc about third way. and president clinton himself used the phrase, "the third way." and the idea was, in a boom time
when we didn't have such high unemployment, you could make this argument that somehow the interests of the very, very rich were the same as the interests of main street. that's an argument that just does not fly with the occupy generation. and i found this wall street journal editorial hilarious in some ways. because there's no way that you can credibly make the case to general xors and millennials they should be more concerned about the national debt than personal debt, particularly student loan debt which was exploded to $1.3 trillion today. people, young people today, know that their concern is not the tax rate that they're going to pay as they get older. their concern is getting a job at all. and getting some relief from what wall street has engineered. this incredibly unfair debt burden. and it's no accident that the board of third way is comprised of wall street bankers and that the policies they are pushing are privatization of social security, lower taxes for the very, very rich, and no relief,
no common sense relief, for example, like the proposal before congress now to allow students to refinance their student loan debt the same way homeowners refinance their mortgage. i mean, just common sense, reasonable policies for people who don't have a lot of money. and that's where millennials and gen xors are. >> john fugelsang, it seems we can now find the moderate republicans in the third way. >> well, i think you're right. and i'm always moderately shocked when moderate democrats say the party needs to be more moderate. i'm not a democrats but republicans do keep forcing me to vote for the party. and watching this is sort of like, you know -- it's the holidays, ed. we expect to see people have screaming fights with their own family members. this proves a couple good things. number one, does though the amount of diversity that exists within the modern democratic party. you can be liberal, you can be conservative. it's a pretty big tent. it would be nice to see these guys come together and realize that the third way is the republican way in social security. the liberals want to preserve it. the moderates want to reform it
but republicans want to turn it into a scratch-off game and it would be nice to see them work together to work towards the imminent threat. >> president obama stepped out and gave a speech about economic inequality, upward mobility, more people calling for minimum wage increase in this country. you know what the poll numbers are. they want to expand social security. this is not what third way is all about. but these are popular, progressive places -- should i say issues where people are, so to speak. what the president was talking about last week is what is polling in the majority, ruth. i mean, this just seems to me to be a split from all reasonable democrats and populism. >> yeah. i mean, look, back in the '90s, mikie wrote a book that basically argued that democrats should give up on inequality as an issue. it's not where people are. and this sort of old fashioned, you know, grumpy old politics of
pro union, caring about people's wages, caring about manufacturing, opposing unfair trade agreements that have sucked jobs out of this country. that's all declasse. we should be fancy and go with wall street and that looked fine until the wall street crash. we have deregulatesed the banks. we have growing inequality. we have an incredible burden on young people today. and it is no longer possible to put forward this 1990s politics. credibly and say to democrats, this is how you're going to win elections. >> ruth, what's it do for elizabeth warren? >> i think it's going to give her a huge boost. >> i do too. >> elizabeth warren is such a fantastic spokesperson for these issues. for the -- just the sheer greed economy we live in now and how it is completely contrary to the interests of ordinary working people. >> john, what about that? >> and her message resonates so powerfully with people and this attack shows it res naets in a lot of places. >> i completely agree. you can't stand up for main street when you're on all fours
for wall street. and ten years ago i got called a radical because i was against invading iraq, against bush's economic plan. for medical can bus and marriage equality. i wasn't a radical, that's what elizabeth warren is. the greatest fear is elizabeth warren getting a larger platform because the more conservatives hear her words the more they'll realize how much sense they shakes makes. >> do democrats need to distance themselves? >> not all. this will be forgotten in a year. this shows the diversity. the piece written by two democrats who worked for prominent democratic leaders. this is healthy for a party. it's why a lot of people wanted senator warren to run against mrs. clinton not because they think they should could win but because they want these issues raised. she is a true mom i would like to vote for. >> president obama has floated social security cuts who changed cpi. ruth, do you think thes democrats feel the need to cave on this, even though the public support is there?
>> yeah, i think wall street has tremendous power in congress. no doubt about it. the president laid out an incredibly great speech last week, and i think that we should really see some efforts to campaign behind that. and i think that absolutely democrats should distance themselves from third way. there is no third way where they should take the right way, which is the progressive way, which is to represent the interests of the majority of people against the interests of a tiny minority of folks who have a whole lot of money and power. >> what's the third way on health care? what's the third way on preexisting conditions? what's the third way on choice and options? because that's exactly what the affordable care act is. you can go on and get options. i mean, are they supporting that? or they want to scrap it all? there is absolutes here and i think third way is rather mixed up. they are attacking the wrong democrat, who is very popular on the issues, elizabeth warren. john fugelsang, ruth conniff, thanks for joining us tonight. coming up, after more than three years of wall street
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broadcaster who had a softball boot-licking session interview with george w. bush while riding around in a pickup truck down in crawford, texas. >> when i saw you, you were -- my perception, you were totally, completely at peace. >> yeah. >> your job was done. and you seem even more at peace now. >> i am at peace. and i was honored to serve the country. i gave it my all. i have written a book that chronicles the decisions i made. and i feel -- i'm not desperate to try to shape a legacy. and you know, i have -- i'm content. i'm a content guy. >> pow! that's the way to sock it to him, hannity. if sean hannity thinks he can play hard ball in any of his interviews, he can keep on
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. welcome back to "the ed show." this is story for the folks who take a shower after work. congress is running up against a government shutdown deadline again. two months ago republicans refused to act and shut down the government for 15 days. little to no progress has been made to prevent it from happening again. congress gave itself until january 15th to pass a budget. and until december 13th to reach
a tentative deal. that's this week. tomorrow regulators will vote on the so-called vokler rule. it is a key piece of the 2010 dodd-frank financial reform law. the rule restricts banks from making speculative investments that don't benefit their customers. lawmakers who want to rein in big banks are ready to pounce if congress waters it down. in november of 1999 democratic senator from north dakota objected to the repeal and essentially predicted the future. >> we are, with this piece of legislation, moving toward greater risk. we are almost certainly moving toward substantial new in the industry that is almost certainly not in the interest of consumers and we are deliberately and certainly with this legislation moving towards
inheriting much greater risk in our financial services industries. i think we will in ten year's time look back and say we should not have done that. >> i would say that's right on the money. it's clear this country is in need of immediate action in financial reform. david stockman, budget director under president reagan joins us tonight on "the ed show." great to have you with us. lots of talk about tonight. first of all, buzz dorgan right? >> absolutely. repeal was an epic mistake. it failed to realize that banks are wards of the state heavily subsidized by the government with the insurance, discount window where they can get cheap money if they get in trouble by repealing it and allowing commercial banks and investment banking to be intermixed. after the turn of the century. we set up for the crisis we had in 208.
now five years later, we've done very little to remedy. the vokler rule is at least a small step. it's a pinprick. it says banks who have all of these benefits of the government can't engage in proprietary trading. but there are big loopholes, unfortunately. so-called market making. so-called hedging their balance sheet which is exactly what jpmorgan was doing. that didn't work out so well. it's an indication that we haven't gone far enough yet. the effort after five years is being deluded by the lobbies. >> this is a step forward in the right direction. do you think we have the political climate? would that be the remedy? >> that would be the remedy. in fact, we need to go to
glasssteigel. >> that would effect the industry too. >> it would. but if they want to be in those businesses, let them be free enterprises. they don't go to the fed window to get cheap money. they don't have the depositors of america and the taxpayers backing them up. they're risking their own money. >> the way wall street runs washington, this isn't going to happen. unless the democrats were to get control. >> unfortunately, i think the democrats middle of the road democrats are as bad as the republicans. >> you think if the democrats won the house that this still would not pass the threshold of the senate. >> no. because they should have done more in 2009, 2010. >> how could they not see the damage, though? >> they passed dodd-frank which was 2,000 pages of directions to make 400 rules that only 40% having written now five years later after allegedly we were on
the cusp of armageddon and most of the important rules are still pending. so this is the power of the banking and wall street and financial industry lobby. >> so we could go right back to where we were in 2008. >> i think we're worse off. the top six banks today have $10 trillion in assets, six banks. they're too big to manage. 67% of all bank assets in america are focused in these six. and we have gone actually backwards rather than forwards. and it's only a matter of time before these huge bubbles that are being inflated by the fed cause another financial meltdown. >> what would ronald reagan say with this situation right now? >> well, ronald reagan would be perplexed by this, because he was an anti-regulator. on the other hand, he didn't like subsidies. and my argument is when the government is massively subsidizing the banks, guaran e guaranteeing their deposits, they're going to end up taking huge risks with deposit and
taxpayer money. it's the wrong thing to allow to happen. >> all right. the treasury department announced today the government has sold its remaining shares of general motors stock. was that the right thing to do? you know where i stand on this. it was an extreme situation. we were peeling jobs. something had to be done. we were going to lose the industry. government can do good things. they're paying it back. >> but they didn't really save any jobs. they simply shuffled jobs to south. there was plenty of car plants in america to make all the cars we need. this was a bailout for the uaw and for the gm. and i think it was a mistake. >> i am giving you the last word here. i don't believe any of that. we were saving jobs is what we were doing and they're paying it back. good to have you with us tonight. i appreciate your time. that's "the ed show." "politicsnation" with reverend al sharpton starts right now.
good evening, rev. >> good evening, ed. thanks for tuning in. tonight's lead, the clueless, heartless, and gutless gop. that's how the national journal describes the republican party today. a gop that puts its far right ideology over families. even over children. children like desani, an 11-year-old homeless girl profiled in an amazing article in today's "new york times." she lives in poverty in a shelter with her family. a shelter infested with roaches and rodents. the walls covered in mold. in the richest country in the world, no child should live in these conditions. but deshani is just one of 22,000 homeless children in new york city. across the country, one in five children lives in poverty. this is a real crisis. right